Jet Airways CEO Vinay Dube Resigns Citing Personal Reasons

By Our Bureau on May 14, 2019

Elevated level of departures from Jet Airways continues to exist. The airline has said today that CEO Vinay Dube has resigned with immediate effect “due to personal reasons” informed Jet Airways in a communication to stock exchanges.

Dube’s resignation comes just a day after chief financial officer (CFO) and deputy chief executive officer (deputy CEO) Amit Agarwal quit from his positions with effect from yesterday.

The airline had also said that Agarwal resigned due to “personal reasons”.

Dube had joined Jet Airways in August 2017 after varied roles at Delta Airlines Inc, Sabre, Inc., and American Airlines. Prior to Jet Airways, he was the senior vice president for Asia Pacific at Delta Airlines.

Cash-strapped Jet Airways, which stopped its operations on 17 April due to an acute cash crunch, has seen a slew of top executives and board members leave the airline in the recent months.

In April, former chief election commissioner, Nasim Zaidi, quit his position as non-executive and non-independent director on the airline’s board citing ‘personal reasons’ and ‘time constraints’.

Independent director Rajshree Pathy also quit the board of the airline in April, weeks after founder Naresh Goyal and his wife Anita Goyal quit the airline’s board. Last week, top executive Gaurang Shetty also resigned from airline’s board of directors.

Mint, citing two people aware of the development, on Tuesday reported that lenders to Jet Airways (India) Ltd wil start reaching out to unsolicited bidders for the grounded airline after existing shareholder Etihad Airways declined to raise its stake beyond the current 24%. They said Etihad has offered to infuse close to ₹1,400 crore in Jet Airways, aimed at keeping its stake at the current level.

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